RecDoc 2006-047308 Subordination Agreement

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RECORDING REQUESTED BY: Fidelity National Title Company Escrow No.: 06 -650280 -RL Locate No.: CAFNT0941-0938-0002-0009562696 Title No.: 06 -9562696 -BD When Recorded Mail Document To: City of Redwood City PO Box 391 P71d. 900s"Ab Redwood City, CA 94064-0391 APN: 055-121-400 2006-047308 FIDELITY NATIONAL TITLE 08:00am 03/31/06 SA Fee: 16.00 Count of pages 4 Recorded in Official Records County of San Mateo Warren Slocum Assessor -County Clerk -Recorder * c 0 0 6 0 0 4 7 3 0 8 A R SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMII-,T. THIS AGREEMENT, made March 17, 2006, by Blanca Ugarte, as Trustee of The Blanca Ugarte Revocable Trust, DTD February 13, 2001 owner of the land hereinafter described and hereinafter referred to as "Owner," and City of Redwood City, a municipal corporation present owner and holder of the deed of trust and note first hereinafter described and hereinafter referred to as "Beneficiary"; WITNESSETH THAT WHEREAS, Blanca Ugarte, an unmarred woman, did execute a deed of trust, dated December 8, 1999, to Fidelity National Title Insurance Company, as trustee, covering SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF to secure a note in the sum of $258,000.00, dated December 8, 1999, in favor of City of Redwood City, a municipal corporation, which deed of trust was recorded as instrument no. 2000-012909, on February 1, 2000, in book n/a, page n/a, Official Records of said county; and WHEREAS, Owner has executed, or is about to execute, a deed of trust and note in the sum of $500,000.00 dated March 14, 2006, in favor of Stanford Federal Credit Union, hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which deed of trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said deed of trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the deed of trust first above mentioned; and WHEREAS, lender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the deed of trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of Lender; and INITIALS: CLTA SUBORDINATION "A" FD -46A (Rev. 9/94) (EXISTING DEED OF TRUST TO NEW DEED OF TRUST) Page No. 1 of 3 (subora)(02-06)